Why Online Sellers Must Have Accounting Integrated Software

Why is Accounting Integrated Software a Must Have for Online Sellers?

It doesn’t matter whether you are associating with eCommerce or any other business; managing accounts will always remain a priority. To keep a track of your profit and loss, it is essential to manage your finances accurately. You must understand that it is one of the most crucial factors for the success of your online business. Apart from this, you must face it that spreadsheets or manual work are no longer good enough to manage your finances appropriately. It carries the risk of manual errors and doesn’t let you calculate and analyze your accounts effectively.

However, you do not need to worry about it anymore because today, you are privileged to use accounting-integrated software. It can let you manage your accounts and help you with inventory management, payment reconciliation, returns, and shipping. This software automates the whole manual process and saves your precious time and energy. Integrating your current accounting software with a sturdy integrated software such as eVanik OWS can consolidate the overall financial cycle of your eCommerce business. Let’s look at various reasons that are enough to get along with such software. In this blog, we have mentioned various reasons that justify the importance of accounting software for your business.

Five Essential Key Features of an Accounting Integrated Software

Before moving forward, knowing the beneficial vital features of an accounting integrated software is essential. Let’s’ find out what they are.

Easy to Handle: One of the essential features of automatic accounting software is its easy handling. Eventually, you do not need to be a software expert to use this software. As an online seller, you will be able to document your financial transactions and other expenses more effectively and efficiently. Although, initially, you may have to spend some time on it to understand the process in an appropriate manner.

Hassle-Free Integration: As an eCommerce seller, you might have to use various services or platforms to manage inventory, shipping, payments, and returns. However, automated accounting software can integrate seamlessly with marketplaces, allowing you to handle all these aspects independently in a single dashboard. Along with accounting, it can also take care of such vital tasks.

Real-Time Data Reporting: One outstanding key feature of integrated accounting software is that it allows you to analyze your business data and attain valuable insights in real time. This way, it can become easier for you to evaluate your daily performance and work on those aspects that need more attention. Real-time accounting reports can allow you to find out and identify your business patterns and plan for success accordingly.

Impeccable Customer Support: You may get into some trouble or may experience some difficulties while using such software. That is when you may require assistance to come out of a mess. These software providers offer impeccable 24×7 customer support to guide you in finding beneficial solutions to your problems and bring you out of the mess.

Five Reasons to Use Accounting Integrated Software

Provides Finances Overview

Be it eCommerce or any other business; it is essential to have a complete overview of your finances to understand the flow of your business. One of the most prominent reasons to use accounting software is that it provides you with all the essential information regarding your financial flows. It can become easier for you to analyze whether your business is on track or not, whether you are at the correct phase of your business, or if you need to put in some extra effort. This analysis is crucial for the growth of your online business.

Helps in Managing Your Cash Flow

As you know that this software can help you in managing your finances much more appropriately and efficiently; in addition to that, it can also streamline the process of cash flow as well. It is simply because it shows what you are actually earning, your expenses, and your online business’s profitability. Once you are able to manage your cash flows properly, it will be easier for you to invest more into your business’s other aspects too. With the help of this software, you can easily be able to have a hold on your money for an emergency. Ultimately it can help you to grow your business positively.

Provides Profound Business Analytics

One of the significant reasons to use eCommerce accounting software is that it gives you the immense ability to gather essential analytical information about your eCommerce business. You can quickly analyze your business’s data to get deeper insights into the processes of your business. It will become effortless for you to analyze the ongoing performance of your business.

It can also help you to find out those glitches that require improvement. This way, when you scrutinize your sales data, you will be able to determine which products are selling well and which are not. In this manner, you can stop stocking up on those products that are not selling well and can save money on them. On the other hand, data analytics can help you to keep track of total revenue, customer profitability, and other factors.

Eliminates Human Errors

Human errors are inescapable in the traditional accounting practice. Clumsy spreadsheets can make it terrible and hard for you to fetch the exact financial information. It can turn your financial part upside down, and you won’t be able to analyze the accurate cash flows and total revenue, for that matter.

However, automated accounting software can make this process hassle-free and streamlines the entire process. Such software can also eradicate the duplication of financial data if you use it for invoicing, reporting, and managing other transactional expenses. Real-time accounting software like eVanik OWS also allows you to track historical financial data.

Help With Adequate Bookkeeping

To manage your accounts properly, it is high time you consider the need for integrated accounting software to process your online transactions accurately. In this manner, it is vital to keep efficiency in bookkeeping. Keeping all the bookkeeping separately can be an unwieldy and time-consuming task. However, such software can effectively wave off the requirement for separate bookkeeping. Thus, it can become uncomplicated for you to cross-check the miscalculations to manage the overall financial accuracy and provide accurate and systematic invoices to your online customers.

Helps You Become 100% GST Complaint

Setting off the bulk payments against every transaction and recording the monthly GST number in the sales voucher to receive the GST tax input can become difficult for you as an eCommerce seller. Apart from that, you can also find it challenging to match the sales and returns with the MTR report provided by various eCommerce channels and file GSTR accurately on time. However, accounting software allows you to match the MTR report with the integrated data into your Tally Prime. In this way, it provides excellent eCommerce accounting and makes you 100% GST compliant.

Conclusion

Hence, now you must have understood how necessary accounting software is for your eCommerce business. You must get along with automated accounting software if you are in this business and selling your products through multiple eCommerce platforms. If you are still not preferring it for your business, you may end up with miscalculated and overlapped financial statements.

However, such software provides comprehensive and precise financial data and sales reports in a centralized manner. An instant and real-time overview of your profits can allow you to plan and manage your finances and budget in a better way.

How to Make Most of Big Billion Days, for Flipkart Sellers!

Effective Ways for Flipkart Sellers to Make Most of the Big Billion Days!

The eCommerce market has introduced shopping holidays to customers from all around the world. In the western countries, they have Black Friday and Cyber Monday. In India, we have the Great Indian Festival, The Big Billion Days, Pink Friday, etc. All these sales are designed to sell out unsold products and build an enormous customer base. It can be a terrific opportunity for sellers to make the most of these sales and generate remarkable profits. Today, we will particularly talk about the Flipkarts’ Big Billion days. It is a Flipkart initiative that is proposed for customers during their great festivals like Dussehra and Diwali.

If you sell your products on Flipkart, you must know about some effective ways to help you acquire immense benefits during this time of the year. This year the Big Billion Days are going to happen between 23rd-30th September. This eight days long shopping event can prove to be a jackpot for you. You can sell your slow-moving products during this event and attract more customers to your product page by providing exciting deals. Let’s find effective ways to help you attain extreme benefits from this alluring shopping event.

What is Flipkart’s Big Billion Day Sale?

The Big Billion Day is Flipkart’s massive yearly sale event. Sellers and customers both await to attain practical benefits for themselves. This significant sale offers huge discounts on almost every product category, such as Fashion apparel, Electronic products, Mobile phones, Home appliances, etc. Every year this sale sustains eight long days and attracts millions of customers to purchase products from this eCommerce platform. Customers can save up to 90% from MRP on various products during this sale. For extra savings, they provide discounts on some popular banks’ debit and credit cards beneficially. So gear up and set up your stores on Flipkart to attract your customers and attain magnificent profits.

How can Flipkart Seller Receive Maximum Orders During BBD?

If you plan to land up in the Big Billion day sale, you need to prepare and make a strategic plan to sell your products effectively during this sale. During this time of the year, you can sell most products related to prominent Indian festivals and marriages. As a Flipkart seller, you might want to get the smartest trick and tips to increase your sales during this sale event. Here we will mention some of the crucial steps that can help you increase your sales on Flipkart.

Upgrade Your Product Information

You must know that the backend system of Flipkart automatically updates your product information to match the product with the customer’s query, making it a troublesome situation for you. This system can sometimes remove all the essential information and features from the product listing page, such as key features, descriptions, and essential keywords from the products. Thus it can be a continuous process for you to upgrade your product information from time to time wisely. Recently, Flipkart introduced a bulk product update feature. The following steps can help you with it.

  • First of all, you need to download your product catalog from the product listing page.

  • Open the catalog, check if any information has been eliminated, and update the information accordingly.

  • Now upload the upgraded product information on the listing page.

  • Listing information should be updated on this platform monthly to never miss out on higher sales.

Adopt an Inventory Management Software

During the Big Billion Day sale, as a Flipkart seller, you must process as many orders as possible in the first two days of the sale. After the first two days, your sales can get minimized, and the returns rate can increase. But to sell as many products during this sale, you need to get along with an inventory management software that can provide you with an accurate inventory report. Seasonal sales can affect the inventory holding and put you in the stock out situation. However, software like eVanik OWS can help you to tackle this situation effectively and effortlessly. Apart from that, you should make sure that you have a separate inventory for all your products. Once inventory gets sorted, you must process the customers’ orders as quickly as possible.

Run Effective Flipkart Advertising

Before the Big Billion days hit, you need to run a successful advertising campaign that can help you in upscaling the visibility of your products. To acquire effective sales, you need to get on all the major social media platforms, such as Facebook, Instagram, Pinterest, etc., to promote your products and inform your customers about attractive offers and discounts. This advertising tactic can help you attract millions of customers and ultimately receive maximum orders dusting BBD sales. You can also send attractive emails to your customers regarding the sale offers and discounts.

Offer Unique and Quality Products

Although sales are for selling slow-moving products, it can not be the scenario for all Flipkart sellers. It will help if you offer something inspiring and unique to your customers. This is the most glamorous time of the year, and customers already await to shop as per their desire and requirements. So, offering something new and different from your competitors can increase your sales and customer base. Although, always keep in mind that whatever products you offer your customers should be helpful for them and have festive vibes. For example, you can sell unique and ethnic fashion attires, decorative items, fashion jewelry, household products, etc.

Get Along with Flipkarts’ FBF Service

You must agree that on-time product delivery is crucial to any eCommerce business. However, it becomes much more crucial during sales because competitors’ platforms also run their sales this season. So, you must process your orders on time and provide tremendous customer service. Flipkart offers a complete order processing system through its FBF (Fulfillment by Flipkart) service. This eCommerce venture has multiple warehouses at different locations in the country. By enrolling in the FBF service, you can deliver your products more efficiently to your customers. You can send your products to Flipkart’s warehouse and to the location where you get more orders and let your customers enjoy the premium delivery on time.

Conclusion

Thus, these are some effective ways to let you attain tremendous benefits during the big billion days on Flipkart. Remember that the formulas mentioned above can help you receive maximum sales during the BBD, but you also need to handle your backed operations more profoundly. More sales refer to more management of external affairs. Hence, managing your accounts, payments, shipping, inventories, and returns is crucial for your eCommerce business significantly during the Big Billion Days. In this regard, you subscribe to eVanik OWS and can efficiently manage your backend operations.

Tata Cliq Login Seller Guide to Sell Products on This Platform!

Tata Cliq Login Seller Guide to Sell Products on This Platform!

Tata Cliq is one of India’s most prominent eCommerce joints. This platform is associated with all the top-notch brands, and sellers have the immense opportunity to sell branded and top-demanding products on this platform. In addition to that, the Tata Cliq login seller page allows the seller to access their seller account on this platform. On this page, you can quickly view your orders, track your sales history, and manage your inventories.

Although it is a brand new platform, it has established itself as the market’s most demanding and reputed online store. In a short time, it marks its place in the customers’ hearts by delivering quality products. This platform is beneficial not only for customers but for sellers as well. It offers an alternative way to sell products and earn immense profits. This special edition of the blog will guide you through selling products on this platform.

Initial Steps to Start Your Journey with Tata Cliq

  • First, you need to email partnersupport@tatacliq.com to notify them of your interest in selling products on this platform.

  • Once you receive a response from them, you need to reply to the same email with further details, such as the product you want to sell, your business address details, your PAN card number, and your GST number. After sending these details, you have to follow the same email thread.

  • Once the Tata Cliq team receives your email, they will send you a seller agreement document which you need to download and sign agreement on three hundred rupees stamp paper.

  • This document also contains essential information on seller commission. This information is quite valuable and important to appear on your personal letterhead with your authorized signature.

  • After signing the documents, you have to send the documents to the “Tata Unistore 1st floor, Empire Plaza 2, Chandan Nagar LBS Marg, Vikhroli West Mumbai 400080” address.

  • Once you submit the documents, after a few days, you will receive another email from Tata Cliq with the attachment of the ECS(Electronic clearing service; that banks offer to automate your transactions) and Tata Cliq registration form. You must fill out the details and send them back to the same email address.

  • Finally, you will be required to send them a few copies of the GST certificate, a canceled cheque, product images, and a product selling license. After that, you will need to complete the seller verification; in this process, they will review and approve your account before allowing you to sell on this platform.

How Tata Cliq is Different From Other Platforms?

Every eCommerce platform has its own potential; this platform also has. However, Tata Cliq is a little different from other prominent eCommerce platforms. The factor that makes it stand out is that this platform only allows established branded products to be sold. As a seller, you can not sell your products or brand on this platform until or unless it is not a well-recognized one.

Essential Benefits of Selling Products on Tata Cliq

Provides Complete Control of Products Pricing

Once you register yourself on the Tata Cliq Login seller page, you will be able to have complete control over your products and their pricing. You can select to list your products at your selective price that is based on market conditions. You can make the essential changes in pricing as per your strategy. You will choose at what price you want to sell your products. You can start receiving customer orders after listing your products on this platform.

This Platform Provides Ultimate Exposure

Tata Cliq has more than one million active customers from all over the country. It is now considered India’s one of the biggest eCommerce platforms. At Tata Cliq, your products can get ultimate exposure to millions of customers. To gain their trust and make your products the most selling, you need to ensure that you are selling high-quality, demanding products.

24×7 Support From Tata Cliq Team

Tata Cliq is also available in the form of a mobile application that connects customers and sellers in real-time. This app provides a wide range of services to customers and sellers for buying and selling products on this platform. The enthusiastic support team of Tata Cliq provides all the necessary help and support to sellers throughout their selling journey. Their team is available 24×7 to answer all your queries, even if that is related to completing a transaction.

Sell Products From Anywhere

This quintessential eCommerce platform provides a great chance to sell your products from your comfort zone. This platform has various features that make it easier for you to sell your products with the help of a user interface. Becoming a Tata Cliq seller, you don’t require to be in a specific location to sell your products on this platform. You can sell from any corner of the country.

It is one of the most trusted eCommerce ventures, so it is a perfect place to start your eCommerce journey. At the same time, you can sell a wide range of products on this platform, such as fashion apparel for men, women, and kids, beauty products, footwear, kitchen accessories, electronics, perfumes, etc. So if you are looking forward to taking your business to the next level, you can land on the Tata Cliq Login Seller page.

Hassle-Free Management of Inventory & Orders

This platform offers an outstanding feature of managing your inventory robustly. On this platform, you can easily find out what products are available and what is unavailable to sell. You can sell your products on this platform without worrying about shipping as they handle the logistics. However, if you want to manage your inventories personally, you can take the help of any inventory management software like eVanik OWS. It can help you with the inventory reconciliation process as well.

What are Tata Cliq Seller Fees?

This is one of the essential parts that every seller wants to know about. The Tata Cliq seller fee is fixed, which you can receive when you list and sell products via this platform. You will get this fee as an amount after your product gets sold. You can find the seller fees on the Tata Cliq login seller page as a seller. You can visit this eCommerce portal’s official seller central website to know the exact fees.

What is Tata Cliq Seller Commision?

Tata Cliq seller commission is an amount given to the seller by this platform on every particular sale. This amount can vary based on products and region. You can go through the seller agreement form to get clarity on the commission. All the commission details are mentioned in that form, along with other charges.


Conclusion

Thus we can say that Tata Cliq is a much safer and more convenient eCommerce platform for selling a wide range of products. Easy product listing and impeccable services make this platform much more prominent and alluring for sellers to get aboard on. It has a strong enough customer base to make a reasonable sale. Secure payment transactions and amazing products attract customers to make their purchases. This platform makes their shopping experience more convenient and authentic than ever before. It is only a unique platform for sellers but also for customers.

Amazon Book Bazaar: Initial Ways to Sell Books on This Platform!

Amazon Book Bazaar: Initial Ways to Sell Books on This Platform!

In the eCommerce world, Amazon is such a platform that allows sellers to sell almost everything related to our lives. Books are one of them that most customers prefer to read in their free time. Buying and selling are two different aspects of eCommerce. In this blog, we will talk about selling books on Amazon book Bazaar. If you have a massive collection of books, you can simply list them on this platform and generate immense business from them.

This gigantic eCommerce platform offers a personal and professional account level to sell books online, and it can also depend on the number of books you have. It also provides you the liberty to ship your books directly to the customer, or you can stock them to the Amazon FBA center.

Believe it or not but selling books on this prominent platform can be a great business strategy. As a seller you can start your eCommerce journey by selling books of various authors and genres. Mainly it is not necessary that you can only sell Indian books but you have the liberty of selling international books as well. Apart from that, you can also sell textbooks for children also.Here in this specific blog, we have mentioned some fundamental ways of selling books on Amazon.

Sell Books on Amazon Book Bazaar in the Following Steps

Decide How You Want to Sell Books

This is the most crucial step of selling books on Amazon, as you may be required to choose how and what type of books you want to sell on this platform. Well, the easiest way to start selling books on Amazon is to sell those you already have. If you have a compelling collection of books, you can list them on this platform and start selling them.

On the other hand, you can buy various books in bulk from a wholesaler at a lower price or from a publishing house and then sell them at a reasonable price on this eCommerce platform. You can also sell used books by buying them from a local library or a book sale. However, you may be required to read the detailed guidelines of Amazon before listing books on this platform.

Create an Amazon Seller Account

Before selling anything on Amazon, you have to create an Amazon seller account. You can register yourself as an individual seller or as a professional seller. The significant difference between the two is the benefits and fees. In the individual seller central panel, you do not need to pay any fees to this platform until or unless a product sells.

However, a professional seller central panel provides you access to advanced selling tools on Amazon on a monthly subscription basis. In this plan, you have to pay an amount to Amazon every month whether you sell a product or not. A professional seller panel is required for big ventures. You can go for an individual seller account if you are an entrepreneur. Once you choose a plan, you must sign in to your seller account and start listing books on the Amazon book bazaar.

Select an Order Fulfillment Process

This is the most crucial step of selling books on Amazon. In this process, you need to find out what ways of order fulfillment will be convenient for you. It will be entirely your decision whether you want to handle the inventory, packing, and shipping on your own or you would like to get it done by Amazon. As an Amazon seller, this platform provides two options for fulfillment.

The first one is MFN (Merchant fulfilled network); in this process, you will be responsible for storing inventory, packing, and shipping books independently as a seller. On the other hand, you can choose Fulfillment by Amazon; in this order fulfillment process, you just need to ship your books to an Amazon FBA center, and they will do the rest. However handling backend operations on your own can be a lengthy process, but with the help of inventory management software like eVanik OWS you can automate your backend operations such as payments, accounting, inventory, shipping and returns.

Set the Price of Your Books

In this step, you need to set a strategic price for your books, considering their condition, variables, and types. In this regard, you also need to monitor the prices of other sellers as well. Analyze what prices others are selling their books for and set your prices accordingly. At Amazon, you have the liberty to change the prices at any time. Always remember that you need to label such prices that cover your packing and shipping costs.

Promote Your Books

For a successful selling process, promotions are required. You can drive immense traffic to your book page with the help of Amazon advertising tools. You can promote your books on Amazon’s Kindle direct publishing if you are a publisher or author. Apart from all this, you can simply promote your books on social media to catch more eyes. You make a strategic plan regarding targeting your audience as per the nature of the books you sell.

Additional Tips to Sell Books on Amazon

  • Research the genres and categories that sell most prominently on this platform.
  • Check out Amazon’s best-seller books category.
  • Be assured about the condition of your books.
  • Take care while packing and shipping the books.
  • Always try to fulfill your orders on time.
  • Always keep your prices competitive to beat your competitors.
  • Continuously monitor your overall performance.
  • Try to sell in-demand and top-selling books categories.
  • Always keep an eye on your inventory.

Conclusion

This is how you can sell the book on the Amazon book bazaar. Believe it or not, Amazon is one of the world’s biggest book-selling platforms. Today, several sellers are into the book-selling business on this eCommerce platform. Amazon has a diverse range of book categories such as literature and fiction, higher education textbooks, society & social sciences, biographies & autobiographies, Asian history, politics, kindle store, and kindle books.

As an Amazon seller, you can also sell books from these categories. If you are interested in writing, you can even get your book published on Kindle. Alternatively, you can publish your book from a publisher and then sell it on Amazon.

However, if you are a seller, this platform allows you to sell new, used books without ISBN (International Standard Book Number is a thirteen-digit unique number that has been used to identify books on an international level), textbooks, rare books, and ebooks. So what are you waiting for? If you have an interest and source to sell books on Amazon, you can go for it.

Sell on Meesho & Become a Key Part of the eComm Industry!

Sell on Meesho and Become an Essential Part of the eCommerce Industry!

Who doesn’t want to earn an extra income in this overcrowded and over-expensive human era? A good source of extra income can be a blessing for every eCommerce seller. In this regard, eCommerce platforms like Meesho provide an immense opportunity to generate revenue while being in your comfort zone or from home. Suppose you wish to sell or resell products through social media platforms such as Facebook, Whatsapp, and Instagram and sell on Meesho. This emerging platform allows every common man and woman to start their own online business.

As an eCommerce seller, if you want to earn immensely by reselling your products, then Meesho is the perfect eCommerce joint for you. It is specifically a reseller eCommerce platform that one can use to resale various product categories such as women’s wear, men’s wear, kids’ wear, home appliances, cosmetics, etc.

This platform provides a massive opportunity to local sellers to make their online presence and earn their bread and butter. Compared to other eCommerce marketplaces such as Amazon, Flipkart, and Myntra, it is much easier to start your journey with Meesho. You don’t require a hefty investment, nor do you need to pay a considerable commission while selling products on this platform. This blog will discuss multiple aspects of selling products on Meesho.

What is Meesho & How It is Different From Other Platforms

Meesho has become one of India’s leading reselling eCommerce marketplaces. Two Delhi graduate Iitians, Sanjeev Barnal and Vidit Aatrey established this glorious channel in the year 2015. At present, this eCommerce platform has more than two crore resellers. This platform allows resellers to get associated with various manufacturers from their locations and list their products on this platform to sell. As a Messho seller, you can choose several products from the listed categories and sell them through social media platforms. The best factor about this eCommerce venture is you can start your business from any corner of this country. Investment is relatively low, which is an excellent relief for new sellers. If we talk about how this platform differs from others, well, it allows every local seller and ordinary folks to start their own online business. Except for Amazon, no other platforms allow sellers to resell their products.

Sell on Meesho By Following These Easy Steps

If you want to sell on Meesho and generate immense profits, you must follow some steps effectively. Here we have mentioned some essential selling guides that can help you sell or resell your products on this platform. In order to start selling on Meesho, you must have a GSTIN number and an active bank account.


#Step1 ( Create Your Meesho Seller Account)

To sell on Meesho, you first need to download the Meesho app and register yourself on this Meesho supplier panel. Now you have to enter your GSTIN number, your PAN number, and the details of your active bank account. These are a few pieces of information mandatory to create a seller account on this eCommerce platform. Once you provide this vital information, you must provide your order pick-up address to this platform. In this way, your registration process will be successful, and now you can visit the Meesho supplier dashboard via your email id and password. Apart from that, you may also require eCommerce accounting software such as eVanik OWS to manage your accounts and other backend operations.

#Step2 ( Product Listing on Meesho)

Once the registration process gets done, the next crucial step is listing the catalogs of products you want to sell on this platform. Listing more than three product catalogs can help you with more orders and, eventually, more revenue. Product listing should be accurate with excellent quality images and descriptions. It can help you attract more eyes and sell your products efficiently and effectively. Meesho provides two options to upload your catalogs. You can upload single as well as bulk product catalogs on this platform. Make sure that your listing is up to date and that you are not missing on any factors.

#Step3 ( Start Receiving Orders from Customers)

After listing the products on Meesho, you can start promoting your products through various social media platforms. On the other hand, you can precisely receive the orders from the Meesho app as well. In the process of receiving a dynamic number of orders from customers, it is essential to manage your inventory profoundly and to ease this problem, and you can get along with eVanik OWS and use their significant inventory reconciliation feature. This market is competitive, and to beat your competitors, you may need to take the help of automated software.

#Step4 (Start Delivering Your Orders)

Product delivery is an essential aspect of the Commerce business. Once you are ready to receive customer orders, Meesho sends the email notification to your supplier panel app. You need to accept the order first and then start packing the product with accurate labels on each package. This platform’s minimal shipping charge can be counted as no shipping charges. After the packaging, hand over the order to the courier partner, Meesho has a panel of various third-party logistic partners who take responsibility for picking up the package and delivering it to your customer’s doorstep.

# Step5 (Start Receiving Payments on Delivered Orders)

As a Meesho seller, you can receive the payment on every single order after fifteen days of order delivery. This process is the same for the cash on delivery orders as well. The payment will be credited to your active bank account. If you want payment details, you can check your Meesho supplier panel. Through this panel, you can receive every detail regarding your payment cycles, such as how much your deposited balance is, future payments, and other payments. On every order, Meesho charges a fixed commission from their sellers; it can be less than twenty percent on every order.


Conclusion

Meesho is a flourishing eCommerce platform in India for small businesses. Absolutely anyone can start selling products on this platform with a lower investment. Significantly it has provided extraordinary opportunities for homemakers to earn their living without being dependent on anyone. Sellers, resellers, and small brands can also choose this platform to sell or resell their products effectively and scale up their customer base. Meesho is getting more significant daily, and customers are showing tremendous interest in it.

However, in this platform’s initial year, customers complain about the product’s quality. Still, with time, sellers are more likely to deliver a good quality product to their customers. In a nutshell, we can say that this eCommerce joint is a recommendable business opportunity for every small and typical vendor and retailer.

Product Research Tips to Open the eCommerce Opportunities!

Product Research Tips to Uncover the Ultimate eCommerce Opportunities!

The mega opportunistic eCommerce industry is quite attractive for millions of sellers. But the biggest challenge is deciding what to sell to make the most of this alluring business. One excellent product idea can make you the king of this online business. However, the manifestation of that one product idea doesn’t come to your mind quickly, and you can not wait to let it strike your mind. You have to make it happen before establishing yourself as an eCommerce seller.

Once you decide that you are going to enter this industry, you need to analyze the whole market, and one thing that matters the most is product research. However, today you can sell anything on online marketplaces. But the fact is that during the initial period of your business, you need to offer something beneficial and authentic to your potential customers.

Always remember that you are not the only one in this realm; so many other sellers are already selling the same product that you may plan to sell. This is when you require to go through robust product research. Here in this blog, we will uncover some of the terrific product research tips you can use to sell the most demanding products on eCommerce platforms.

What is Product Research?

Before knowing the tips of product research, it is essential to know what actually product research is. Well, it is a practice by which you can discover a new product idea that can prove valuable for your eCommerce business. This method can help identify your product idea that meets the market demands and customers’ requirements.

Implementing product research can provide better results on ROI(return on investment) on your product. Product research involves gathering all the essential information about your targeted customers’ buying habits, requirements, demands, and what they like to shop more. Respectively, the product research method can help you to analyze the product concepts, competitors, and pricing.

Incredible Tips for eCommerce Product Research

Analyze In-Demand Products

In the starting phase of your online business, if you do not yet have any product idea in your mind, you can get inspiration from current in-demand products that fall into the bestseller category on prominent marketplaces such as Amazon and Flipkart. You can visit some of the famous social media platforms such as Facebook, Instagram, and Pinterest to check out their trending hashtags, and you might get enormous product ideas from there.

You can visit some brick-and-mortar stores to analyze customers’ most demanding products. Open your mind and analyze wisely which products are currently popular among the customers. Try not to convince yourself that your product idea is better than others. Do not underestimate the ongoing trends and demands, or you may put yourself at a loss. Once you get a product idea, you may require inventory management software to adjust your inventories on multiple eCommerce platforms automatically. In this regard, you can subscribe to eVanik OWS.

Read Out the Feedback and Reviews

While researching your products, you must read customers’ reviews and feedback on any prominent eCommerce platforms. Reviews can become the best way to evaluate the requirements and tastes of customers. You may develop a better understanding of what your customers like and what they do not like while shopping from an eCommerce platform.

You can visit Amazon, one of the giant eCommerce marketplace, and read out the feedback and reviews on their best-selling products. Customers often use this section to explain what they like and dislike about a specific product and what they recommend to make changes to buy that product again in the future. This practice can give you a broad idea of how customers think throughout their buying process. There are possibilities that you may land on an excellent product idea while analyzing feedback and reviews of customers. It can even provide you with an idea of what problems customers are facing, and you can take advantage of it by resolving them for your potential customers.

Check-Out B2B Marketplaces

Believe it or not, B2B marketplaces are a bonanza for attaining a new product idea for your eCommerce business. Various B2B marketplaces can expose an enormous number of product ideas that you can apply to your online business. Moreover, B2B marketplaces allow you to add any product to their cart, and you can source your supply directly from the eCommerce marketplaces if you like any specific product to sell.

Indiamart, Udaan, and Trade India are some of the few B2B marketplaces that can directly connect you with manufacturers, suppliers, and wholesalers from all over the country. These platforms have thousands of products you can explore and select to start your eCommerce journey. Exploring B2B marketplaces can be an excellent way to know what B2C platforms are selling. It is because most sellers only source their products from a B2B platform. Hence It can be one of the best tips for product research.

Become a Watchdog of Your Competitors

To make your eCommerce business successful and choose a niche product to sell, it is best to watch out for your competitors or other sellers to know what they are selling and what strategies they are applying to their business. But the fact is you can not analyze the journey of any typical sellers who are just doing good. You may require to go out of your way and find out the most prominent sellers or brands, for that matter, who have already come a long way and have a reputation in the market.

Take the help of google and other search engines of eCommerce platforms to analyze the top trending products and their sellers. Get inspiration from them but try to make a robust product plan that can help you in beating them and attract more customers. Also, it is not necessary that what works for them will work for you; if they are selling a most demanding product, you must try to sell such products that may have more potential to fulfill customers’ current requirements.

eCommerce Product-Based Criteria to Watchout Before Start Selling

  • Must analyze the product size and weight before selecting a product to sell on various marketplaces.
  • Check out the durability of your product.
  • See whether your product is seasonal or you can sell it throughout the year.
  • Check whether your product is helpful for the customers in terms of resolving any specific problem.
  • Must get assurance from the marketplaces if there are any restrictions on selling a selected product.

    These are a few product-based criteria that you must follow before selecting a product to sell on eCommerce marketplaces. You need to understand the fact that even an excellent product idea is worthless if there is no demand for that in the market. Obviously, you do not want to spend your money on products that don’t have the potential to attract customers and make your business valuable.

Conclusion

Thus, product research provides you with the immense opportunity to identify an appropriate product to sell and avoid making expensive mistakes. This technique can ensure that whatever product you select has a demand in the market and customers are looking forward to buying them. Once you get done with your product research, you need to fulfill the demands of your customers in a much more effective and quick manner. In this regard, you may require to get along with an order management software for eCommerce that can automate your backend operations such as payments, accounts, inventories, shipping, and returns. eVanik OWS can help with it most effectively.

What is Profit Margin & Its Importance For Online Business!

A Complete Guide to Profit Margin & Its Importance For Online Business!

Running an eCommerce business is challenging because of the immense competition in this field. It is hard to survive if you are not following the guidelines and are unaware of this business’s various dimensions. The latest research suggests that only 25% of eCommerce businesses survive, so managing every aspect of online business is crucial. To know the growth graph of your online business, it is essential to calculate your profit margin ratio.

To know the actual position of your business, it is imperative to know how much profit you are making from it. Running a business blindly can become the most prominent reason for business failure.

If you are new to this eCommerce business, you may find it much more challenging to manage your finances and calculate your profit margin. However, accounting software for eCommerce can help you manage your accounts efficiently, and once you can manage your finances properly, it will become much easier for you to know your profit margin. In this blog, we will mention what profit margin is and why it is vital for your eCommerce business.

What is Profit Margin?

A profit margin is a figure that is retained after deducting various expenses. In simple terms, we can say that, after selling your products successfully, what revenue you generate by selling one individual product category is known as the profit margin. A higher profit margin ratio indicates your eCommerce business’s good financial health. There are three significant types of profit margins that we are going to mention in the following points.

Gross Profit Margin

Gross profit margin usually refers to profit on a specific product or service rather than the entire online business. Analyzing the gross profit margin can help you determine the pricing strategy because a low gross profit margin means you need to bring changes to a specific product to make it worthwhile.

To calculate your gross margin profit, you need to subtract the price of products sold from net sales, divide the outcome figure by the net sales and get the ratio; you will get the gross margin profit in the form of a percentage. The formula is; [Total revenue-COGS]/Total revenue(x100). It can help you to bring changes in the pricing of your products.

Operating Profit Margin

The operating profit margin indicates how much the profit ratio you attain after spending money on some of the indirect expenses to run your business. It is generally calculated by dividing the operating profit by the total amount of revenue. Comparing the operating profit margin with the gross profit margin considers a range of other operating expenses such as warehouse rent, shipping charges, eCommerce platform fees, etc.

Most sellers don’t calculate the operating profit margin with the other expenses. Still, the collective calculation of such expenses can provide you with a clear insight into your business’s profit, and you might get to know how these expenses affect the profit of your online business.

Net Profit Margin

Net profit margin basically showcases the exact profit of the business after subtracting all the other expenses, including the cost of products sold, operating costs, and other expenses and taxes. Net profit margin gives you an idea about the overall success of your eCommerce business. If you acquire a higher margin rate, it indicates that your business is doing well.

If it’s not, it can be a matter of concern for you, and you must work on it religiously. On the other hand, you can also use the net profit margin to compare your business performance with your competitors as well. The net profit margin is the exact revenue of your business, and you must have clarity on it. In calculating your net profit margin, it is essential to manage your finances first; for that, you can use accounting software for eCommerce.

How to Increase Your Profit Margin?

Cut Down Your Operating Expenses

To increase your profit margin, it is best to minimize the costs of your operational expenses. However, knowing what you need to cut down on your operating expenses is quite challenging. It can be tricky because there are various essential expenses you can not reduce, such as several fees, charges, and taxes.

To successfully reduce operating expenses, you need to analyze your business operating expenses closely; only then can you decide what you can cut down and what not. Instead of taking first-hand services, you can optimize and outsource them successfully.

Hike up Your Product Price

Generally, eCommerce sellers have this fear that if they raise their product prices, they might lose their essential customers, or their customers may abandon them. However, if you provide a pleasant shopping experience to your customers and they are already happy with your product, you can increase your product prices.

We are not saying that it will be easy for you; you need to use some psychological marketing tactics. For example, if you are selling a single product for Rs.150, it will be great to sell a combo product at Rs. 200. It can be a great idea to increase your product by selling one item at an average price and one at an increment price. Such a tactic can help you attract more customers as they might think they are getting a good deal. This practice can help in increasing your profit margin immensely.

Increase The Customers’ Trust

Whether you believe it or not, you need to understand the fact that the trust of the customer is everything you require to run your eCommerce business and increase your profit margin rate.

As an eCommerce seller, gaining the customer’s trust is essential. Now the question is, how will you do that? Well, in this regard, an enormous number of reviews on your product page can help you with it. Positive feedback or reviews have the impeccable power that develops trust in your potential customers and makes them invest in your products.

Increase Your Average Order Value

It is vital to increase your profit margin to increase your average order value(AOV). If you are unaware of the average order value, you need to know that AOV is the average amount a customer contributes per transaction in your online store. To calculate your average order value, you need to use a simple formula; Divide the total revenue by a total number of orders, and the outcome you will get is your average order value.

As an online seller, you can receive higher profit margins by increasing your AOV, and to increase your AOV, and you may require forcing your customers to spend less money. You can offer them free shipping on any exact order amount. You can implement upsell and cross-sale and offer them a complementary product along with any specific product they want to buy.

Conclusion

Hence, these are some of the ideal ways that help you to increase your profit margin. In the points mentioned above, you might have understood why it is essential to know about the ratio of your profit margin graph. Now, undoubtedly, we can say that enhancing profit margins is a profitable strategy for your eCommerce business.

A higher profit margin can make your business stand out from the competition and make it sustainable for longer. It doesn’t matter how new or old your eCommerce business is, you must know about your profit margin and manage your finances accurately. In this regard, you can use eVanik OWS’s help for compelling management of your accounts. 

 

Considerable eCommerce Metrics Sellers Need to Track This Year!

Considerable eCommerce Metrics Sellers Need to Track This Year!

There is a vast difference between running an eCommerce business and running a successful one. Today millions of sellers are selling their products on eCommerce marketplaces. But not all of them are acquiring success; the reason is that some are not analyzing their business’s overall performance or may not follow the latest metrics of the eCommerce industry.

Believe it or not but for the tremendous success of your online business, you must follow all the latest metrics of this industry. The eCommerce metrics may change from time to time per the market trend and customer demand. The metrics mentioned in this blog are essential in terms of serving your customers dynamically. If you are unaware of these, this blog is just for you. Here in this particular blog, we are going to mention some of the vital eCommerce metrics that can help you to know whether you need to implement them in your online business or not. The following metrics will help you understand how well your business performs. So what are we waiting for? Let’s get down and find out these considerable metrics of eCommerce.

Five Elementary eCommerce Metrics That You Need to Follow

eCommerce Transaction Rate

How many transactions have been done from your seller page can not precisely tell how well your business is doing. However, over time, it does demonstrate how popular your product is on various eCommerce platforms. That is why it is necessary to track every online business transaction. Now the real challenge is it is impossible to track every transaction manually, so what is the solution? Well, you need not worry about it because there is various accounting software of eCommerce available that can help you to tackle this problem tremendously. Some software, such as eVanik OWS, has the efficient feature of managing all your transactions by integrating with your accounting software such as Tally, Zoho books, Quick books, etc.

With the help of such software it can become easier for you to track each transaction and know what is actually happening with your business. This is one of the most considerable metrics of this industry that you must follow if you want to up-scale or grow your business.

Calculate Your Cost of Goods Sold (COGS)

The cost of goods sold is basically associated with your sales. The enormous eCommerce industry incorporates various factors such as the price you paid to the manufacturer or supplier for your products or the price related to formulating your products yourself. Accurately calculating the cost of goods sold (COGS) can be challenging for any eCommerce seller. These eCommerce metrics can also help analyze the inventory turnover margins and ratios as well. To calculate the COGS, you can start with the basic level, and the formula is; Initial inventory+Total acquisition-closure inventory.

To acquire the accurate cost of goods sold value, you need to keep track of your inventory or manage your inventory perfectly. Lack of inventory management can make you lose the chance to get along with this eCommerce metric. To manage your inventory, you can acquire inventory management software. Such software can automatically provide you with all the inventory reports on a real-time basis. Thus it can help in calculating the COGS.

Recognize Your Return Rate

Returns are a significant pain for any eCommerce seller; you must have experienced this issue maybe on a daily basis or occasionally. It can be more or less, but it is present there. The eCommerce industry has accepted that they have to live with this issue, but they can try their best to reduce the return rate. According to the research of the National retail federation and apprises retail, it has been found that returns have increased from 10.5% to 16.8% this year.

These statistics are a matter of concern. Handling the courier and customer return can be a clumsy task to perform, but with the help of return reconciliation software, it can be done perfectly and precisely. Such software can help you enormously in terms of managing your returns and ultimately increase your profitability. If you are not focusing on your return rates, you may not only lose your money but can also diminish your market image. Along with evaluating your return rate, you must focus on minimizing it by understanding the customers’ concerns regarding your product.

Measure Your Customer Retention Rate

In the eCommerce world, it can be easy to attract new customers because there are so many effective ways that you can execute to make them buy your product at once. But it is way too difficult to retain a current customer because they already know you, and if your product is not as per their requirement or if they have some other issue, they might never return to you. However, measuring the customer retention rate is imperative to know how well you can hold your existing customers.

To calculate your CRR (Customer retention rate), you can divide the total number of return customers by the total number of existing customers and multiply that by a hundred. If your CRR value is below 30%, it means you need to work on increasing it by improving your product quality, delivery time, price, etc. To increase the CRR rate, you can offer attractive discounts and offers to your customers.

Calculate Your Net Profit Margin

You must agree that you are not in the eCommerce business to sell your products but also to generate enormous revenue. You need to calculate your net profit margin if your business is doing as per your expectations. This measure can give you an overall idea of what you need to add or minimize to increase your profit margin. Calculating your net profit margin is a comparatively simple task to perform.

It will help if you use a calculator and manually minus the cost of goods sold from the gross revenue and then divide the figure by the actual sales. The formula for executing this process is; net profit margin= [(Gross revenue- COGS-other expenses and taxes) / net sales]. In such a way, you can know your net profit margin and run your business accordingly.

Conclusion

Thus, several eCommerce metrics can empower online sellers to analyze and measure the overall performance of their online business and let them make essential decisions. As an eCommerce seller, you can use such metrics to obtain a much more reasonable and precise way to evaluate the performance of each product you are selling on diverse eCommerce marketplaces. To attain your business goals efficiently, you must follow these eCommerce metrics.

Suppose you find that your business is not performing well on such metrics. In that case, you may require to subscribe to some robust software such as eVanik OWS to improve the parameter of several metrics such as COGS, return rate, transaction rate, etc. It can effectively minimize the issue related to inventory management, return reconciliation, accounting, shipping, and payment also. This centralized software can easily integrate your ERP system and manage your multi-channel business performance in a single dashboard.

Avoid These Seven eCommerce Mistakes & Let Your Business Thrive!

Avoid These Seven eCommerce Mistakes & Let Your Business Thrive!

We all are human, and humans tend to make mistakes. But when you are planning to get aboard in the eCommerce industry, you can’t afford to make continuous mistakes. A study says that approximately 75% of new online businesses fail because they fail to avoid these mistakes. Since the eCommerce industry is a cost-effective business, you may underestimate the risks and mistakes in the beginning. However, starting an eCommerce business, you have to focus more on survival than on the other aspects of this business.

Some of you may make mistakes unknowingly in the initial stage of your business, and it can affect the growth of your online business later. As a seller, you have to make sure that you are capable of providing top-notch services to your customers. Customers have thousands of options available, and somehow, if you miss a chance to fulfill their orders efficiently, they may simply switch to your competitors. To tackle this situation soundly, you must know the eCommerce mistakes that you need to avoid in terms of managing your business effectively and efficiently. In this blog, we have mentioned seven eCommerce mistakes you must avoid.

Seven eCommerce Mistakes That You Must Avoid

No Market Research Before Starting

If you are about to start any business, it is essential to do some research before your start. Specifically, it is necessary to research the latest market trends in the eCommerce industry. It is one of the sellers’ most common mistakes before starting their eCommerce business. Suppose customers are more likely to buy products from the latest trends and you’re launching a new but outdated product on marketplaces; who will buy them? Undoubtedly, no one, and if some may, but then also it can’t provide you the expected ROI. Market research does not only refer to research only about the latest trends, but you also need to rotate your eyes on the other aspects as well, such as what your competitors are selling and what customers prefer more to buy from an eCommerce platform.

Selecting a Wrong eCommerce Platform

You must choose the right platform to start your online business as an eCommerce seller. It is essential because it is the base of the eCommerce business. Suppose you fail to choose the right platform. In that case, you may lose the heavy opportunity to make your business successful in generating revenue and making an enormous customer base. As a startup, you must choose platforms with a solid customer base and credibility in the market, such as Amazon, Flipkart, Myntra, etc.

These prominent platforms have the potential to accelerate the growth of your online business and make it stand out from the competition. As a new seller, you must know the nature of whichever platform you choose to sell your products. Look closely at what categories they are offering and what charges they will deduct from your every order.

No or Less Promotion of Product

If you are new to the marketplaces and customers are not aware of your products, then it is crucial to run promotions related to your products. It is evident if customers won’t get to know about your product, how they will buy it. So in this scenario, you need to make several promotional strategies to make your customers aware of your product. It can be one of the sellers’ huge mistakes in not promoting their products at all. In lack of promotional activities, your business may fail, and you won’t be able to re-establish your online presence.

Why take such a risk when you still have the chance to make it a successful affair for you. Several platforms offer promotional features to their sellers, and you just need to invest a little amount and go with the flow. Promotions can effectively attract customers and let it survive at multiple eCommerce sites. Believe it or not but promotions are the crucial step in establishing an online business or launching a new product.

Lack of Inventory Management

As an eCommerce, you may start selling a small number of products, but as soon as your business starts expanding, you have to manage your inventories first. Inventory management is imperative for any eCommerce business, especially if you want to become a multichannel seller and sell your products on various platforms. Due to the poor inventory management, you can not only miss out on a solid customer base but may also lose on a heavy revenue generation factor.

So it is better to get along with any powerful inventory management software such as eVanik. Such software can provide you with real-time inventory reports. Getting along with software can also save you from overstocking. Apart from that, it effectively helps with reconciling the other inventory-related issues.

Complicated Checkout Process

In the eCommerce world, acquiring the buy box section is essential. To reach this section, you need to ensure that your customers can quickly checkout and buy your products. If the checkout process is complicated and not preferable for the customers, they might not buy your products or simply abandon the cart. To escape this situation, you need to check if the eCommerce platform is offering prominent payment modes or not. There should be the option of credit, debit, Upi, and cash on delivery feature on the platform. Apart from that, if there is any buy now pay later option, you must acquire that also because it can attract customers and make them buy your product even if they don’t need it.

Ignoring Customers’ Feedback

Various sellers on major eCommerce platforms don’t know the necessity of replying to customer feedback or making product changes according to customers’ preferences. This is the reason why they aren’t able to make enough sales. Thus it is one of the biggest eCommerce mistakes that most sellers make today. If you are in the process of selling your products on multichannel or have already started your journey, you should give importance to the feedback of customers.

Understand that you are in this business for customers, and your business may survive because of the customers. So there is no denying the fact that you must focus on what your customers are saying. Must reply to their reviews, in this way you make them feel special and they may become your loyal customers.

Clumsy Product Listing Quality

Apart from all other mistakes of the eCommerce business, meager product listing quality is the specific one, and it can ruin your entire hard work if not done correctly. Most sellers do not focus much while listing their products on any eCommerce channel. They don’t see whether the description is suitable, the title is accurate, and whether the product quality is good or not.

Be aware if you are also doing the same because it can negatively affect your entire business. Think from a customer perspective, will you buy such products that have a poor appearance? It might not make sure that you are adding good quality images, embellished descriptions, and attractive product titles along with the relevant title.

Conclusion

Making eCommerce mistakes is inescapable, and you may struggle to get back on track and make your robust online presence as a prominent seller. However, if you are in the learning process, you must consider the above points and try to resolve them as soon as possible. You can not afford to indulge in such mistakes if you envision expanding your online business and making it successful at any cost.

While associating with the eCommerce business, you need to put your customers first and provide them with a pleasant buying experience. Try to know the customer’s shopping behavior and fix all the hurdles coming in the way of order fulfillment. In this regard, you can subscribe to any automatic order management software such as eVanik OWS to eliminate several issues and speed up this process.